A TV's refresh rate is how many times the screen refreshes itself every second. It's different from frames per second (fps), which defines how many frames the video source displays every second. The refresh rate is important for motion handling, as a higher refresh rate generally results in smoother motion, but it's not always the case. It's also important to not get confused with marketing terms that often inflate the refresh rate.
This video explains the differences between a 60Hz and 120Hz refresh rate, how it affects the image, and how companies will try to trick you into thinking the TV has a higher refresh rate than it actually has.
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